|
|
| | | |
|
GSE IO Activity Decreased Significantly In 2009; Freddie to Discontinue Completely
Fannie Mae and Freddie Mac significantly curtailed their purchases and securitization of interest-only mortgages in recent years, according to a new analysis by Inside B&C Lending. Freddie’s recent announcement that it will cease buying and securitizing interest-only loans leaves the dwindling market to Fannie. The government-sponsored enterprises pooled a total of... [Includes one chart]
|
|
Ocwen Looks for Growth and ‘Self-Serve’ Servicing
With implementation of the Home Affordable Modification Program complete, Ocwen Financial Corp. is looking to grow its portfolio and “self-serve” servicing options. The specialty servicer this week reported net income of $9.4 million for the fourth quarter of 2009 compared with a net loss of $4.3 million during the same period in 2008... [Includes one graph]
|
|
CFPA Negotiations Continue in Senate
Senators continued to debate specifics of the proposed Consumer Financial Protection Agency this week, with an emphasis on which federal agency would house the CFPA. A proposal by Sen. Chris Dodd, D-CT, to have the Federal Reserve host the CFPA was met with mixed reviews from Republicans and even Democrats. Rep. Barney Frank, D-MA, said he does not support housing the CFPA in the Fed due to...
|
|
Steps Taken Toward Non-Agency MBS Issuance
The non-agency mortgage-backed security market looks to be awakening from its slumber with help from the Federal Deposit Insurance Corp. and separate jumbo activity. Investors this week began bidding on $1.81 billion of MBS guaranteed by the FDIC. The sale, to be underwritten by Barclays Capital, reportedly includes $1.33 billion of seasoned option ARMs acquired by the FDIC...
|
|
Legal Implications Hinder Servicers’ Facebook Use
Servicers must be careful when contacting delinquent borrowers via social networking Web sites such as Facebook, according to industry lawyers. “The concern is that it is not always obvious what is and is not allowed on these sites,” said David Beam, a partner at K&L Gates. Beam detailed the legal implications of using “alternative communication methods” during an audio...
|
|
Going Up: Subprime Delinquencies, HAMP Gripes
The subprime delinquency rate increased again in the fourth quarter of 2009. While the Mortgage Bankers Association projects that the rate will plateau soon, it will not necessarily be due to the Home Affordable Modification Program. The non-seasonally adjusted seriously delinquent rate on subprime mortgages increased to 30.56 percent in the fourth quarter of 2009, up from 28.68 percent the...
|
|
Federal Government Targets Negative Equity
The Treasury Department is looking beyond the Home Affordable Modification Program to help borrowers with negative equity. Meanwhile, the Federal Deposit Insurance Corp. is considering testing a negative equity modification program of its own. At the end of 2009, negative equity was concentrated in five states, according to a report released last week by First American...
|
|
FDIC’s MBS Proposal Met with Dire Warnings
A proposal by the Federal Deposit Insurance Corp. addressing securitization activity by insured banks could halt any possible recovery of the non-agency mortgage-backed security market, according to industry participants. The FDIC’s proposed MBS safe harbor includes risk-retention requirements and would require lenders to hold mortgages for one year before securitizing the...
|
|
News Briefs
Two subsidiaries of American International Group agreed to pay a minimum of... CitiMortgage will likely sign up for the second lien portion of the Home... Moody’s Investors Service this week placed $5.9 billion of mortgage-backed... In the coming months, Moody’s Investors Service will publish bond recovery... Four former executives at bankrupt jumbo lender Thornburg Mortgage stole...
|
|  | | Home | Login | Subscribe | Contact Us | User Agreement & Privacy Policy | © Copyright 2010, Inside Mortgage Finance Publications
7910 Woodmont Ave., Suite 1000, Bethesda, MD 20814
Tel: (301) 951-1240; Fax: (301) 656-1709
All rights reserved. Photocopying or electronic distribution of this web page or any of its contents without prior written consent of the publisher violates U.S. copyright law, and is punishable by statutory damages of up to $150,000 per infringement, plus attorneys' fees (17 USC 504 et seq.). Without advance permission, illegal copying includes regular photocopying, faxing, excerpting, forwarding electronically, and sharing of online access.
|
|
|
Shopping Cart
